24-karat gold rises to Rs231,000 per tola

March 28, 2024 (MLN): The domestic bullion continued its upward trend on Thursday, with 24-karat gold gaining Rs1,500 to Rs231,000 per tola.

The Karachi Sarafa Association reported that the price of 24-karat gold reached Rs198,045 per 10-gram, up Rs1,285 compared to previous session.

Similarly, the price of 22-karat gold was quoted at Rs181,541 per 10-gram.

On the other hand, silver prices remained unchanged, with 24-karat silver being sold at Rs2,580 per tola and Rs2,211.93 per 10-gram.

Globally, spot gold traded close to its record at $2,192.56 an ounce, down 0.11% on the day. Yesterday, the yellow metal rose 0.76%.

Investors are closely monitoring the personal consumption expenditures (PCE) index data, the Fed's preferred gauge of inflation, which may provide traders with a firmer view on when the Federal Reserve will start cutting interest rates.

Lower borrowing costs typically benefit the precious metal, which doesn’t yield interest.

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